10 things you need to know today

Libyan
forces allied with the UN-backed government firing a 122 mm
artillery toward Islamic State positions in Sirte,
Libya.Reuters/Goran
Tomasevic

Here is what you need to know.

Verizon
buying Yahoo. The deal for Yahoo's core assets,
worth $4.83 billion cash, allows Verizon to reach about 4.5% of
the US advertising market. Yahoo will maintain its stakes in
Alibaba and Yahoo Japan, which together are worth more than $40
billion. Verizon will report its second-quarter results on
Tuesday.

LVMH is selling Donna Karan to G-III Apparel. The
French luxury goods giant LVMH is selling Donna Karan
International to G-III Apparel for $650 million. "Selling
DKNY is a way to get rid of a problem, at a time when the market
is tough and luxury companies would be right to show less
leniency with underperforming businesses," Exane BNP Paribas
analyst Luca Solca wrote. The deal will be funded through
new debt and by issuing $75 million of G-III common stock to be
issued to LVMH, Reuters reports.

Nintendo warns that the impact from Pokémon Go will be
"limited." Shares of Nintendo plunged more than 17%
Monday after the company released a statement late Friday
suggesting that it would see a "limited" financial impact from
Pokémon Go. The plunge has the stock down about 27% from its
recent high, but the stock is still up about 67% since the game's
release.

Trump says the US could leave the WTO if he's
elected. Appearing on NBC's "Meet the Press,"
Republican presidential nominee Donald Trump suggested that the
US could pull out of the World Trade Organization. According to
AFP, Trump told host Chuck Todd: "We'll renegotiate or pull
out. These trade deals are a disaster, Chuck. World Trade
Organization is a disaster."

German business climate slipped. Business confidence
in Germany slipped to 108.3 in July, according to the Ifo
Institute. The reading was ahead of the 107.7 that economists
were expecting but showed "far less optimistic business
expectations on the part of companies" after the UK's
decision to leave the European Union. Construction was once again
a bright spot, however, with assessment of the current business
situation hitting a record high. The euro is up 0.1% at 1.0990.

Britain's divorce from Europe will begin by 2020.
Newly named Conservative Party Chairman Patrick McLoughlin says
Article 50, which formally starts the UK's exit from Europe, will
be triggered before the 2020 election. Appearing on the BBC's
"Marr Show," McLoughlin said the UK must secure its borders and
get immigration under control, Reuters reports. "I'm quite clear
that the referendum result is binding on Parliament," McLoughlin
said. The British pound is higher by 0.2% at 1.3132.

G-20 says terrorism threatens the global economy.
Finance chiefs from around the world met in Chengdu, China, over
the weekend and said terrorism was a growing threat to the global
economy. "The world has already experienced terrorist
attacks — the world experiences regional destabilizations,"
French finance minister Michel Sapin told AFP. "But today the
frequency of attacks creates a new situation of uncertainty,
which is at least as damaging as regional destabilizations or a
regional conflict."

Stock markets around the world are mostly
higher. Australia's ASX (+0.6%) led the overnight gains,
and Germany's DAX (+0.8%) paces the advance in Europe. S&P
500 futures are down 0.25 points at 2,167.25.

Earnings reporting is slow. Kimberly-Clark and
Sprint are among the companies reporting ahead of the opening
bell while Gilead Sciences, Las Vegas Sands, and Texas
Instruments highlight the names releasing their quarterly results
after markets close.

US economic data is light. Dallas Fed
manufacturing activity will be reported at 9:45 a.m. ET. The US
10-year yield is higher by 2 basis points at 1.59%.